Pivot Chart
Pivot Chart Set Up
I'm going to go through the process of how I update the pivot charts each day. I'm doing this on Saturday, March 19, 2005, and I want to calculate the updated pivot charts levels for when the market reopens again on Monday. To calculate the daily pivot numbers on my pivot chart, I use the following data to generate my high, low and close numbers in my pivot charts:
- YM: Start Thursday at 8:15 p.m. ET, end 5:00 p.m. on Friday
- ES: Start Thursday at 4:30 p.m. ET, end 4:15 p.m. on Friday
- NQ: Start Thursday at 4:30 p.m. ET, end 4:15 p.m. on Friday
- ER: Start Thursday at 4:30 p.m. ET, end 4:15 p.m. on Friday
Pivot Chart Data
This range of data gives me all of the price action for when these markets are trading, allowing for both pre and post market price action to be factored into the next trading day's numbers. The times are slightly different on the above contracts due to the times they are traded on the exchange. The settlement price is the key. If a trader is ever unsure about the settlement price, they can check it on the YM at www.cbot.com and go to market data, then settlement prices. For the ES, NQ and ER, a trader can go to www.cme.com and go to trade CME products, market data, historical data, view more, settlement prices, equity index. It's kind of a maze to get there on the CME. The direct link is here.
The easiest way to get an accurate high/low/close is to just set up a daily charts with the time frames listed for each contract. In TradeStation this is very easy to do. Just type in the continuous symbol, such as @YM or @ES, and set it on a daily chart. The data will default to the "regular session" which are the times I listed above. With many other charting programs a trader has to go in and set this up manually, as many of them default to the regular stock market session from 9:30 a.m. to 4:00 p.m. Eastern. Once the chart is setup, just wait until after 4:15 p.m. Eastern on the ES, NQ and ER, and wait until after 5:00 p.m. Eastern on the YM. After these times, just take the high/low/close reading on the daily chart to get the correct numbers. This closing price will almost always match the settlement price, though I like to check to make sure. For Monday, then, I want the high/low/close for Friday. Let's take a look:
Pivot Chart Numbers
Pivot Chart Numbers
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On Friday, March 18, we have a daily bar on the YM that started at 8:15 p.m. ET on Thursday, March 17, and ended at 5:00 p.m. ET on Friday, March 18. This range gives us the following numbers for the pivot chart:
- High: 10679
- Low: 10579
- Close: 10635
By changing the chart to a weekly timeframe, I can also take the high/low/close of the entire week and the get the numbers I will use for the weekly pivot chart.
- High: 10870
- Low: 10579
- Close: 10635
Pivot Chart Details
On Monday the Daily and Weekly close will be identical, since they are both based on Friday's close. In this instance the lows are also identical because the lows on Friday were also the lows of the week. The process can be repeated with the monthly levels, but I won't need new monthly inputs until the first trading day in April. These the pivot chart details and I know have my pivot chart key levels.
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